Last month, we began discussion of a hypothetical couple's transfers of assets to one another. The married parties, Henry and Willa, own a townhouse in Manhattan (the Townhouse) and each owns a 50% membership interest in 17 House, LLC (the Company), which owns a residence in Bridgehampton, NY.
Transfer Taxes
Last month, we wanted to know the tax consequences to a hypothetical couple of their proposed agreement that husband transfer his interest in a townhouse to wife prior to their execution of a separation agreement, and that wife transfer her membership interest in the company to husbandprior to execution of such agreement. The discussion concludes herein.
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